Continued Recovery Strength in the Canadian Dollar Argues for Still-Higher Oil Prices

Let's notice that the USD is pressing on its March low at 1.2860, a level last seen in July 2015. It should come as no surprise that "petro-currency" CAD has climbed 14% since Jan 20 as Crude Oil has recovered from $26.06 to nearly $42.00 during the same timeframe. And in that USD/CAD appears to be on the verge of breaking down further (CAD stronger), perhaps the set-up also is "warning us" to expect additional strength in Crude Oil too?

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